There is strong bearish divergence in multiple indicators and a top has likely been achieved.
Between today / monday we will see price rise a little with the residual momentum that is left, then a short term correction will be likely.
A short can come into play with two entries:
1. Conservative entry Wait until the 7051 fibonacci line is broken
2. Aggressive entry - (only when confirmed by bearish momentum) Option 1 enter at the 0.382 fibonacci time line Option 2 enter at the Cross of the Fibonacci spiral (around 7620 price mark, if reached)
TP 1 - 6733 TP 2 - 6437 (unlikely)
A long play comes into consideration after we reach support price in vision of the Segwit2x fork in the middle of november.
Trade safe.
Kommentar
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Trendline broke, we started the descending momentum. If the bulls don't pick up this lower price levels we will see lowers as per the chart.
Kommentar
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Watch out for bull traps on the way..
Kommentar
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As expected bounce at the 7051 fibonacci level. After the Segwit2X cancellation let's see how this develops. Signs of topping still there unless we pick another trendline up. I will publish more analysis once more data on the charts is available.
Thanks ! , do you recommend opening a short buy position for 7600 ?
alexcrypto
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@humanmega, I do not offer trading advice. As per the chart description depends on the momentum at 7600. Keep a good look at volume and momentum indicator around that price.